Novo Place hits 88.1% as 137 units snapped up in second balloting
By EdgeProp Singapore
/ EdgeProp Singapore |
Joint venture developers Hoi Hup Realty and Sunway Developments sold 137 units at Novo Place on Dec 16 when balloting of units opened for second-timers (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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On Dec 16, joint venture developers Hoi Hup Realty and Sunway Developments sold 137 units at Novo Place executive condominium (EC) during the second round of balloting. This phase was open to second-timers—buyers who have previously purchased a subsidized flat, whether as a new or resale HDB flat or an EC.
The sale of these 137 units brings the total sold at Novo Place to 444 units, representing 88.1% of the development, according to Mark Yip, CEO of Huttons Asia. The project achieved this milestone within a month of its launch on Nov 16, making it the best-selling EC project of 2024 in terms of percentage of units sold to date, Yip adds.
“This reflects strong interest from second-timers keen to upgrade their lifestyle,” Yip notes. “Many of the buyers are residents in the West.”
Explore comprehensive data about all ECs, including the average profit at 5 and 10 years
Yip observes that all four-bedroom units at Novo Place have been sold out, highlighting the high demand for spacious homes.
Showflat of a four-bedroom-plus-study unit at Novo Place, where all four-bedders have been sold (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Novo Place is located at Plantation Close in the new Tengah town and a five-minute walk from Tengah Park MRT station on the Jurong Region Line (JRL). The JRL provides convenient access to major employment hubs in the West, such as the Jurong Lake District and Jurong Innovation District. Yip emphasizes that very few ECs offer such proximity to an MRT station.
According to Huttons, many buyers chose the deferred payment scheme, which allows them to secure their desired unit first while deferring their home loan payments. “This helps ease the financial burden for HDB upgraders who still have an outstanding loan on their current flat,” Yip explains.
“ECs are experiencing strong demand from HDB upgraders due to their comparable quality and finishes to private condominiums but at a more affordable price,” Yip adds. “Additionally, buyers enjoy upfront remission on the Additional Buyer’s Stamp Duty (ABSD).”
As of Dec 16, caveats lodged indicate that the average price of units sold at Novo Place is $1,656 psf.
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